SKT buys into ViveStudios to enhance metaverse service

In an effort to lead the emerging era of the metaverse, SK Telecom has made a strategic equity investment in ViveStudios, a producer of virtual content, it announced Monday.

The two sides did not disclose details of the deal, including the size of stake to be purchased or the agreed price.

ViveStudios, based in Seoul, is recognized for its international award-winning virtual reality movie “Volt.” The producer is well known for superb 3D computer-generated images and visual effects.

It has also gained fame with the ViveStudios Immersive Technology, or VIT, which builds overseas places in a virtual studio, allowing users to visit the designations without traveling abroad.

Through the partnership, the company will reinforce metaverse services by combining SKT’s technologies such as Virtual Meetup, Jump AR and Jump Studio with those of ViveStudios. The “metaverse” refers to a shared virtual universe where users interact with each other using digital avatars in an environment where all virtual worlds -- augmented reality and the internet -- are linked.

SKT’s key platform Virtual Meetup is expected to provide much more realistic services, as it would be improved by ViveStudio’s real-time 3D and video effects technologies, the company said.

ViveStudio seeks to export its content through the partnership with SKT.

“SKT will be creating synergy with ViveStudios providing various metaverse services including Virtual Meetup and Digital Human,” said Jeon Jin-soo, head of metaverse business at SKT

“Together with SKT, we hope to make a metaverse world where people around the world can freely communicate, play games and enjoy performances,” said Kim Se-kyu, CEO of ViveStudios.

By Song Su-hyun (song@heraldcorp.com)